Developers Hines & McCaffrey Interests have joined on the project, which will create two luxury apartment buildings with 540 units on the 6-acre triangular lot formerly occupied by the hospital at Lincoln and Fullerton Avenue, as well as 60 low-rise condominiums, 160,000 square feet of retail space and 57,000 square feet of open area accessible to the public.

Also included in the project is Belmont Village, a seven-story, 120,000-square-foot senior residence with 150 assisted-living units, across the street on the former site of the Nellie Black Building, 700-710 W. Fullerton Ave.

Demolition of the old Children's Memorial Hospital was completed in late February. View Full Caption

The May 4 formal groundbreaking ceremony for the Lincoln Common will actually take place on the garage rooftop at 2330 N. Lincoln Ave. with a view of the site. Mayor Rahm Emanuel and Ald. Michele Smith (43rd) are expected to attend, along with Pat Magoon, head of the Lurie Children's Hospital, which basically succeeded Children's Memorial with a shift to Streeterville. Kenneth Dotson, president of the Lincoln Central Association, is also expected.

Dan McCaffrey of McCaffrey Interests will act as master of ceremonies along with Kevin Shannahan representing Hines Interests.